Inheritance planning in Ibiza is essential to ensure that your legacy is as you wish it to be, in accordance with your last wishes. In the following guide we tell you how you should proceed to leave everything well tied up.
Inheritance planning in Ibiza: how to do it step by step
When you are young, you never think about making an inheritance because of what might happen. However, as the years go by, it is inevitable to think about what will happen to your things tomorrow. Who will inherit them? Where will they go?
Inheritance planning in Ibiza is essential and is something that everyone should manage at some point, regardless of age.
Of course, it is often overlooked. In many cases due to lack of time, but also due to lack of knowledge. If you have any doubts, at Legal Boutique Ibiza we are experts in making wills and inheritance planning, and we are at your disposal to help you through the whole process.
What do I need to know before making a will?
First of all, you should know that if you do not prepare the will in accordance with the last will and testament, the inheritance will be divided into three parts as stated in the Civil Code:
- The Legitimate is divided among the forced heirs: children and descendants, parents, the widow or widower. These heirs will have the right to the partial usufruct of one third of the inheritance.
- The third of improvement is also divided among the forced heirs and if there is no will, it is divided equally among them.
- The free disposal third only applies if there is an inheritance, otherwise it is divided equally among the heirs.
- If there are no relatives, the inheritance would pass to the State.
This is how things are done ‘by default’, without your intervention, as the law stipulates. If you want to change it, you will have to make your own will.
What are the ways to leave an inheritance?
Ideally, you should make a living will, leaving everything in writing. There are various types of wills and also alternatives, such as living donations, which are becoming more and more common.
At Legal Boutique Ibiza we can advise you on the best way to leave your living will.
Types of wills
A will is a document that records the testator’s last instructions regarding his or her estate. They fall into two main categories: common and special.
Within common wills, we have 3 types:
- Holographic will: the holographic will is handwritten by the testator and stamped with the date on which it was produced. It is a private document and can be challenged for formal defects or for not complying with the legal rules of succession.
- Notarial open will: the notarial open will is a public deed that is executed with the assistance of a notary, registered in the General Register of Last Wills, which guarantees its confidentiality.
- Notarial closed will: as its name indicates, this is known as a will that is delivered to the notary in a sealed envelope and is only opened after the death of the testator. Its contents are completely confidential until the day of the reading of the will.
There are also special wills for certain situations such as military wills, maritime wills or when the testator is abroad. These are not the most common, but it is important to know that they exist.
It can also happen that if there are no forced heirs or will, or if the heirs renounce, the inheritance passes to the State. Remember that current Spanish law allows inheritance to be renounced if the debts exceed the benefits.
Alternatives to a will
Although making a will is advisable, there are other possibilities that some people consider, such as living gifts and trusts.
In living gifts, assets are transferred to other individuals (they may or may not be family members). It is a way of leaving everything tied up during your lifetime, just as you wish, without having to wait until you die. The only thing that the Civil Code establishes is that they do not affect the legitimate rights of the forced heirs and that the donor reserves for himself what he needs to be able to live in dignity.
There is also the trust. This is a legal concept that allows property or assets to be passed on through a trustee, and upon the testator’s death, the estate is passed on to the direct heir. There are various types of trusts depending on each situation, each with its own particular benefits depending on the case.
When in doubt, always seek advice from a lawyer specialising in inheritances
If you are in the middle of inheritance planning in Ibiza and you want to leave everything done and well tied up, we recommend that you put yourself in the hands of a specialist inheritance lawyer, so that you can guarantee that you comply with your last will and the current regulations in force.
Do you have any doubts? At Legal Boutique Ibiza we can help you.
